New Delhi: Both the precious metals, silver and gold, declined on the bullion market today on lack of buying support amid new stocks arrivals to meet the seasonal demand, and closed with losses.
While gold was quoted slightly lower, prices of silver plunged on lack of buying amid new stocks arrival from neighbouring states.
Trading activity was negligible discounting reports of a little better trend in international markets, which normally set price band here.
Gold traded above 600 dollar an ounce for a third day in overseas markets after jewelers bought in view of the festival and holiday season.
"Indian jewelers started buying two weeks ago to stock up for sales during the wedding and stockists bringing in more stocks to meet the demand dampened the trend to some extent," said Sheel Chand Jain, president of All India Sarafa Bazar.
The trading activity was more confined to gold and silver remained neglected to suffer major losses, he said.
Standard gold and ornaments fell by Rs 10 each at Rs 9,160 and Rs 9,010 per ten gram respectively. Sovereign held unchanged at Rs 7,775 per piece of eight gram.
Silver ready dropped by Rs 235 at Rs 18,265 per kilo and weekly-based delivery by Rs 230 at Rs 18,200 per kilo. Silver coins were continued to be asked at previous level of Rs 22,000 for buying and Rs 22,100 for selling of 100 pieces.
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